Exclusively for Everybody

Total Page:16

File Type:pdf, Size:1020Kb

Exclusively for Everybody º SPECIAL REPORT LUXURY DECEMBER 13TH 2014 Exclusively for everybody 20141213_SRluxury.indd 1 02/12/2014 17:18 SPECIAL REPORT LUXURY Exclusively for everybody The modern luxury industry rests on a paradox—but is thriving nonetheless, says Brooke Unger AT THE TRANG TIEN PLAZA shopping mall in Hanoi, Vietnam’s capital, on some evenings a curious spectacle unfolds. Couples in wedding fin- erypose forphotographsin frontofilluminated shop windows, with Sal- vatore Ferragamo, Louis Vuitton and Gucci offering the sort of backdrop for romance more usually provided by the sea or the mountains. The women are not wearing Ferragamo’s ara pumps, with their distinctive bows, or toting uitton’s subtly monogrammed handbags. They cannot ¢ afford them. Tr¡an Cuon, who assembles mobile phones at a Sam- sung factory, posed with his fiancée in a brown suit and bow tie that cost him the equivalent of $150. Some day he hopes to become a customer in the mall. Until then, he will proudly display the photos in his home. To stumble across an out- post of European luxury in a rela- tively poor and nominally social- ist country is not all that sur- prising. Luxuries such as silk have travelled long distances for many centuries, and even modern lux- CONTENTS ury-goods makers have been pur- suing wealth in new places for 3 Definitions more than a century. Georges A rose by many names uitton, son of Louis, the inven- tor of the world’s most famous 3 History Saintly or sinful? luggage, showed off the com- pany’s flat-topped trunks (better 4 The business case for stacking than traditional Beauty and the beasts round-topped ones) at the Chica- go World’s Fair in 1893. The oil- 6 China Beyond bling rich Middle East has been a mag- net for expensive foreign trinkets 7 Developing markets since the 1960s. The Japanese be- The clamour for glamour came insatiable consumers in the 1970s. Today, two in five Japanese 8 Demographic trends ¢¡ £Marques for millennials are thought to o uitton pro- duct. And nowitisChina’sturn to 10 The future of luxury lap up luxury. Experience counts ACKNOWLEDGMENTS As luxury-goods sales have expanded geographically, they have In addition to those mentioned in also spread across the social scale. When Coco Chanel created her No. 5 the text the author would like to perfume in the 1920s she reserved it forher best couture clients, but in the thank the following: John Ayton, followingdecade she sold it in smallerbottles so that more women could Annoushka; David Baxby, Global Blue; Maria Cristina Buccellati; afford it. Cartier’s “Les Must” jewellery in the 1970s put the brand within Charlotte Chiene, Dorchester Collec- reach of consumers who could only yearn for Panthère necklaces and tion; Timothy Coghlan, Savills; Tankwatches. Many other brands followed Cartier’s sortie du temple (de- Edward Dolman, Phillips; Liz Flora, scent from the temple), seeking to broaden their appeal while retaining Jing Daily; Katja Graisse, Balistik Art; Nicolas Hieronimus, L’Oréal; their cachet. Not all succeeded. Jonas Hoffman, SKEMA Business Over the past 20 years the number of luxury-goods consumers School; Paul James, Starwood worldwide hasmore than trebled to 330m, accordingto Bain & Company, Hotels; Joshua Kane, Bespoke; a consulting firm. Their spending on expensive jewellery, watches, cloth- Andrew Keith, Lane Crawford; Robert GDP Lafranco, Bloomberg; Marcus ing, handbags and so on has risen at double the rate of global . Most Margulies, Marcus Watches; Mario ofthese newbuyersare notthe veryrich butthe merelyprosperous, with A list of sources is at Ortelli, Sanford C. Bernstein; incomes ofup to €150,000 ($188,000). Shares oflisted luxury companies Economist.com/specialreports Manfredi Ricca, Interbrand; Antoine have far outperformed those ofother companies (see chart, next page). de Riedmatten, Deloitte; David Consumers’ rush to quality has created billionaires at a rate that Sil- An audio interview with Sadigh, Digital Luxury Group; the author is at ¢ Roberto Stern, H. Stern; Elizabeth ic ¤alley might envy, especially among the main shareholders ofluxu- Economist.com/audiovideo/ Walker, James Purdey & Sons. ry conglomerates that have gathered together many of the best-known 1 specialreports The Economist December 13th 2014 1 SPECIAL REPORT LUXURY as they get more expensive because they confer yet more status. And the margins even on lesserluxury goods are much bet- ter than on mass-market items. Luxury companies like to set their own agenda. Theircreative directors over- see both the development of new pro- ducts and the way they are presented in magazines, shop windows and online. “We are not going to let people influence the vision,” says PatrickAlbaladejo, depu- ty managing director of Hermès, a French luxury house so august it claims not to have a marketing department. Luxury companies often get the mostattention forthe thingstheysell least of. Karl Lagerfeld, Chanel’s creative direc- tor, made headlines this year by sending his models down a catwalk decked out as a grocery shop. But “the bread and butter of the company are chemicals,” explains Armando Branchini of the Altagamma Foundation, which represents Italian lux- ury firms. Luxury perfumes and cosmet- ics are thought to account for over half of Chanel’s business. Diageo, a big drinks company, has a “Reserve” division that gives special at- 2 brands. They include Bernard Arnault, a French tycoon who con- tention to its priciest tipples, such as Johnnie Walker Blue Label trols LVMH, owner of Louis Vuitton, Moët & Chandon cham- whisky.They are marketed through the patient cultivation ofthe pagne and a host ofother brands, and his rival François-Henri Pi- coolest bars and influential “advocates”. “You need to be a black nault, whose Kering group owns Gucci, a big Italian belt in relationships when it’s about luxury,” says James Thomp- leather-goods maker. Nick Hayek’s Swatch Group and Johann son, who runs the division. Rupert’s Richemont (Cartier’s owner) are powerhouses in Luxury’s lens does odd things to the map as well. Europe is watches and jewellery. Among the owners who have made for- still the pre-eminent maker; its brands account for 70% of the tunes from selling stakes to investors in the past few years are world’s luxury consumption. Germany matters in cars and Brunello Cucinelli, whose eponymous company makes casual- yachts, but the real powerhouse is Italy, which serves as the chic clothing at serious prices, and Remo Ruffini, a fellow Italian workshop for French fashion and leather goods as well as its who floated Moncler, a maker ofdown jackets. own. Luxury is “one of the few industries where Europe has a Personal luxury goods are just one small corner of this em- sustainable competitive advantage”, says Michael Ward, manag- pire of opulence. Upmarket options can be found in industries ing director ofHarrods, a posh London department store. Ameri- from health care to banking, though most analysts leave such ca is both an underexploited market, given its wealth, and a base things out of their reckoning. Using consumers’ own perception for brash competitors such as Coach, Michael Kors and Kate of what constitutes luxury goods and services, the Boston Con- Spade, which are challenging established European brands with sultingGroup reckonsthat$1.8 trillion wasspenton such items in a more affordable take on luxury. China, alreadya voracious con- 2012. The biggest category is travel, followed by cars and then sumer, is just beginning to stir as an exporter. personal luxury goods. Bain comes up with a smaller sum for a similar spread of sectors (see chart). But luxury’s boundaries are The pope doesn’t wear Prada fuzzy and hotly disputed. Of late, though, the champagne has gone a bit flat. The war This special report will concentrate on personal goods, in Ukraine and the sanctions imposed on Russia in response which face the tricky task of trying to achieve global scale while have put offrich citizens ofthat country, among the giddiest new maintaining the artisan roots that give them rarity appeal. Ultra- consumers. The Japanese went on a spree early this year ahead expensive cars will make only a brief appearance, and yachts of a rise in value-added tax, then stopped spending. The Ebola will just sail by on the horizon: globally, only 14,000 people are epidemic in Africa and pro-democracy protests in Hong Kong, able to afford a really big one. But the report will include such where Chinese mainlanders do much of their shopping, have fast-growing“experiential” sectorsashotelsand wine, which are unnerved consumers. Most important, slower economic growth growing faster than things to buy and own. and the anti-corruption campaign mounted by Xi Jinping, Chi- To view the world through the lens of luxury is to see it na’s leader, have dampened the spirits of Chinese shoppers, subtly altered. Some of the normal rules do not apply to luxury- who now account fornearly a third ofthe global demand forper- goodsmakers, even though in manywaystheyare similar to oth- sonal luxury goods. The share prices of recently listed luxury erconsumer-goodscompanies. The costofproduction isnot usu- companies have fallen by a quarter this year. After two decades ally a prime concern and capital investment is generally modest, when annual growth averaged nearly 6%, the rate this year will § © ¦¨ ¥ except for watches. A really prestigious item c ¥eblen be just 2%, predict Bain and Altagamma. good”, named afteran American economist born in the mid-19th These passing crises come on top of more profound century who noticed that demand for some goods actually rises changes. One of them is a shift from “having” to “being”, espe- 1 2 The Economist December 13th 2014 SPECIAL REPORT LUXURY 2 cially in rich countries, where the well-off are becoming less Definitions keen on owning and more interested in experiencing things.
Recommended publications
  • Let the Holidays Begin! Big,Bold Jewels Your Own Shopping the World
    D D NOVEMBER/DECEMBER 2013 NOVEMBER/DECEMBER Big, Bold Your Own Shopping ...Let the Jewels Private Caribbean the World Holidays Begin! p236 p66 p148 PERSONALBEST the business of scent A Whiff of Something Real As mass-produced perfumes become the new normal, the origin of a fragrance is more important than ever. TINA GAUDOIN reports from Grasse, the ancient home of perfume and the jasmine fields of Chanel No 5. oseph Mul drives his battered pickup into the dusty, rutted field of Jasminum gran- diflorum shrubs. It is 9 A.M. on a warm, slightly overcast September morning in Pégomas in southern France, about four miles from Grasse, the ancient home of Jperfume. In front of Mul’s truck, which is making easy work of the tough ter- rain, a small army of colorfully dressed pickers, most hailing from Eastern Europe, fans out, backs bent in pursuit of the elusive jasmine bloom that flowers over- night and must be harvested from the three-foot-high bushes before noon. By lunchtime, the petals will have been weighed by Mul, the numbers noted in the ledger (bonuses are paid by the kilo), and the pickers, who have been working since before dawn, will retire for a meal and a nap. Not so for Mul, who will oversee the beginnings of the lengthy distillation technique of turning the blooms into jasmine absolute, the essential oil and vital in- gredient in the world’s most famous and best- selling fragrance: Chanel No 5. All told, it’s a labor-intensive process. One picker takes roughly an hour to harvest one pound of jasmine; 772 pounds are required to make two pounds of concrete—the solution ARCHIVE ! WICKHAM/TRUNK ! MICHAEL !"! LTD ! NAST ! The post–World War II era marked the beginning of mass fragrance, when women wore perfume for more than just special occasions.
    [Show full text]
  • Planepack Interview with Rebecca Blackburn September 2017
    Planepack interview with Rebecca Blackburn September 2017 Slobodanka: Hello Planepack readers. Welcome to another episode of Planepack. I'm sitting here with Rebecca. We're in the lovely Equinox Café in Deacon. And, Rebecca, tell me you said, you mentioned that you've been travelling light for almost ten years now. How did that all come about? Rebecca: It probably all started when I moved to the U.K. and became, and started travelling regularly. So, off on the weekend, I'd go for a couple of days. And, it was just convenient. Slobodanka: So about travelling light, do you mean with carry on only? or Rebecca: Yes. Slobodanka: So, no hold luggage/ Rebecca: No, no. Just one wheelie bag and one, one cross body handbag. Slobodanka: Handbag, yes. So, how do you plan for a trip like that? Let's say you were going to fly off tomorrow, how would you plan for your wardrobe? What would you take with you? Rebecca: So, it depends on the season. But, there's a few set, set standard items that I take. I, let's start with the sustainability aspects. I would take my Klean Kanteen, which is a thermos, a drink bottle. You can put your tea or coffee in it. And it saves [00:01:23] and it's your cup as well, so, that's number one. And I also take a folding purse, a little handbag. So, for any shopping, for a beach bag, your laundry bag, it's useful. Slobodanka: Multipurpose. Rebecca: Multipurpose, yes. Clothes wise, I take layers.
    [Show full text]
  • Lvmh 2015 — Annual Report
    LVMH 2015 — ANNUAL REPORT GROUP WHO WE ARE A creative universe of men and women passionate about their profession and driven by the desire to innovate and achieve. A globally unrivalled group of powerfully evocative brands 03 CHAIRMAN’S MESSAGE and great names that are synonymous with 06 FONDATION LOUIS VUITTON the history of luxury. A natural alliance between art and craftsmanship, dominated by creativity, 10 INTERVIEW WITH THE GROUP virtuosity and quality. A remarkable economic MANAGING DIRECTOR success story with more than 125,000 employees 12 COMMITMENTS worldwide and global leadership in the manufacture and distribution of luxury goods. 14 GOVERNANCE AND ORGANIZATION A global vision dedicated to serving the needs 16 BUSINESS GROUPS of every customer. The successful marriage of cultures grounded in tradition and elegance 18 FINANCIAL HIGHLIGHTS with the most advanced product presentation, 22 TALENTS industrial organization and management techniques. A singular mix of talent, daring 30 SOCIAL RESPONSIBILITY and thoroughness in the quest for excellence. 34 RESPONSIBLE PARTNERSHIPS A unique enterprise that stands out in its sector. Our philosophy: 36 ENVIRONMENT PASSIONATE ABOUT CREATIVITY. 44 CORPORATE SPONSORSHIP 46 SHAREHOLDERS 48 FINANCE THE VALUES OF LVMH Innovation and creativity Because our future success will come from the desire that our new products elicit while respecting the roots of our Maisons. Excellence of products and service Because we embody what is most noble and quality-endowed in the artisan world. Entrepreneurship Because this is the key to our ability to react and our motivation to manage our businesses as startups. 02 / 50 LVMH 2015 — Chairman’s message AFFIRMING OUR VALUES AND OUR VISION FOR THE GROUP — LVMH THRIVES ON CREATION, ON TALENTED MEN AND WOMEN AND ON THEIR DESIRE FOR EXCELLENCE.
    [Show full text]
  • New Launches News
    the scent post A MONTHLY UPDATE ON THE LATEST FRAGRANCE NEWS new launches top new videos poison girl roller pearl | DIOR les merveilleuses ladurée arizona coco mademoiselle intense english fields LADURÉE PROENZA SCHOULER CHANEL JO MALONE NEW FRAGRANCE NEW FRAGRANCE RANGE EXTENSION LIMITED EDITION news arizona | PROENZA SCHOULER elevator music hermè s creates a sense of miller harris’ concept meta cacti the fragrance created by ritual around its scents store heightens the by chiaozza byredo and off-white senses in canary wharf x régime des fleurs x | brrch floral coco mademoiselle edp intense CHANEL FRAGRANCE NEWS hermessence Hermès creates a sense of ritual around its scents Fashion house Hermès is expanding its perfume offering with a new range consisting of eaux de toilette and essences de parfum scents. Part of its Hermessence collection, the oil-based essences de parfum mark a departure for the brand, which has until now only created the lighter eaux de toilette. Intended to be worn either as a base for other fragrances or on their own, the fragrances add an additional layer to the ritual of putting on perfume, an idea explored in the Multisensory Beauty microtrend. The musk-based scent profiles, Cardamusc and Musc Pallida, draw on cardamom and iris oils, both of which are known for their wellness properties, including use as a decongestant. In line with Psychoactive Scents, as the wellness and beauty sectors become increasingly entwined, brands are exploring new ways to combine the properties of essential oils with high-end scents. FRAGRANCE NEWS miller harris’ concept store heightens the senses A very vibrant force has landed in Cabot Place, Canary Wharf.
    [Show full text]
  • The Technology That Brings Together All Things Mobile
    NFC – The Technology That Brings Together All Things Mobile Philippe Benitez Wednesday, June 4th, 2014 NFC enables fast, secure, mobile contactless services… Card Emulation Mode Reader Mode P2P Mode … for both payment and non-payment services Hospitality – Hotel room keys Mass Transit – passes and limited use tickets Education – Student badge Airlines – Frequent flyer card and boarding passes Enterprise & Government– Employee badge Automotive – car sharing / car rental / fleet management Residential - Access Payment – secure mobile payments Events – Access to stadiums and large venues Loyalty and rewards – enhanced consumer experience 3 h h 1996 2001 2003 2005 2007 2014 2014 2007 2005 2003 2001 1996 previous experiences experiences previous We are benefiting from from benefiting are We Barriers to adoption are disappearing ! NFC Handsets have become mainstream ! Terminalization is being driven by ecosystem upgrades ! TSM Provisioning infrastructure has been deployed Barriers to adoption are disappearing ! NFC Handsets have become mainstream ! Terminalization is being driven by ecosystem upgrades ! TSM Provisioning infrastructure has been deployed 256 handset models now in market worldwide Gionee Elife E7 LG G Pro 2 Nokia Lumia 1020 Samsung Galaxy Note Sony Xperia P Acer E320 Liquid Express Google Nexus 10 LG G2 Nokia Lumia 1520 Samsung Galaxy Note 3 Sony Xperia S Acer Liquid Glow Google Nexus 5 LG Mach Nokia Lumia 2520 Samsung Galaxy Note II Sony Xperia Sola Adlink IMX-2000 Google Nexus 7 (2013) LG Optimus 3D Max Nokia Lumia 610 NFC Samsung
    [Show full text]
  • BERNARD ARNAULT Hennessy 2 2020 ANNUAL GENERAL MEETING 3 EXCELLENT PERFORMANCE for LVMH in 2019
    ANNUAL2020 GENERAL MEETING JUNE 30, 2020 Louis Vuitton Louis 1 BERNARD ARNAULT Hennessy 2 2020 ANNUAL GENERAL MEETING 3 EXCELLENT PERFORMANCE FOR LVMH IN 2019 |Buoyant market despite uncertain geopolitical context |Good progress in all geographic regions |Another record year with double-digit increases in revenue and profit from recurring operations • Revenue: €53.7 bn, + 15% (+ 10% organic) • Profit from recurring operations: €11.5 bn, + 15% |Healthy financial position • Operating free cash flow: €6.2 bn • Adjusted net debt to equity ratio of 16.2% | Agreement with Tiffany, and integration of Belmond 3 JEAN-JACQUES GUIONY Christian Dior Dior Couture Christian 4 2020 ANNUAL GENERAL MEETING 5 2019 REVENUE EVOLUTION In millions of euros Organic Structure Currency impact effect 53 670 46 826 +10% + 1% +3% + 15% 2018 2019 The principles used to determine the net impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of consolidation are described on page 39 of the 2019 Universal Registration Document. As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. 5 2020 ANNUAL GENERAL MEETING 6 2019 REVENUE BY BUSINESS GROUP Reported Organic In millions of euros 2018 2019 growth growth* WINES & SPIRITS 5 143 5 576 + 8% + 6% Champagne & Wines 2 369 2 507 + 6% + 4% Cognac & Spirits 2 774 3 069 + 11% + 7% FASHION & LEATHER GOODS 18 455 22 237 + 20% + 17% PERFUMES & COSMETICS 6 092 6 835 + 12% + 9% WATCHES & JEWELRY 4 123 4 405 + 7% + 3% SELECTIVE RETAILING 13 646 14 791 + 8% + 5% OTHERS & ELIMINATIONS (633) (174) -- TOTAL LVMH 46 826 53 670 + 15% + 10% * With comparable structure and exchange rates.
    [Show full text]
  • Looking at the Past and Current Status of Kenya's Clothing and Textiles
    University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Textile Society of America Symposium Proceedings Textile Society of America 2018 Looking at the Past and Current Status of Kenya’s clothing and textiles Mercy V.W. Wanduara [email protected] Follow this and additional works at: https://digitalcommons.unl.edu/tsaconf Part of the Art and Materials Conservation Commons, Art Practice Commons, Fashion Design Commons, Fiber, Textile, and Weaving Arts Commons, Fine Arts Commons, and the Museum Studies Commons Wanduara, Mercy V.W., "Looking at the Past and Current Status of Kenya’s clothing and textiles" (2018). Textile Society of America Symposium Proceedings. 1118. https://digitalcommons.unl.edu/tsaconf/1118 This Article is brought to you for free and open access by the Textile Society of America at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Textile Society of America Symposium Proceedings by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. Published in Textile Society of America Symposium Proceedings 2018 Presented at Vancouver, BC, Canada; September 19 – 23, 2018 https://digitalcommons.unl.edu/tsaconf/ Copyright © by the author(s). doi 10.32873/unl.dc.tsasp.0056 Looking at the Past and Current Status of Kenya’s clothing and textiles Mercy V. W. Wanduara [email protected] Abstract This paper analyzes and documents traditional textiles and clothing of the Kenyan people before and after independence in 1963. The paper is based on desk top research and face to face interviews from senior Kenyan citizens who are familiar with Kenyan traditions. An analysis of some of the available Kenya’s indigenous textile fiber plants is made and from which a textile craft basket is made.
    [Show full text]
  • Vertu: Nokia's Luxury Mobile Phone for the Urban Rich
    S w W11208 VERTU: NOKIA’S LUXURY MOBILE PHONE FOR THE URBAN RICH Dr. Ken Kwong-Kay Wong wrote this case solely to provide material for class discussion. The author does not intend to illustrate either effective or ineffective handling of a managerial situation. The author may have disguised certain names and other identifying information to protect confidentiality. Richard Ivey School of Business Foundation prohibits any form of reproduction, storage or transmission without its written permission. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Richard Ivey School of Business Foundation, The University of Western Ontario, London, Ontario, Canada, N6A 3K7; phone (519) 661-3208; fax (519) 661-3882; e-mail [email protected]. Copyright © 2011, Richard Ivey School of Business Foundation Version: 2011-12-01 Finland-headquartered Nokia was a global telecommunications equipment manufacturer. It operated a luxury mobile phone brand called Vertu, founded by Frank Nuovo in the late 1990s, which pioneered the luxury mobile phone market by using precious materials such as diamonds, sapphires, titanium and exotic leather for phone production. The company enjoyed impressive growth in almost 70 countries and sold hundreds of thousands of phones in the eight years following its launch. On February 11, 2011, Stephen Elop, the new CEO who had been at the helm at Nokia for only five months, announced a new mobile strategy to adopt Microsoft’s new but unproven Windows Phone as its primary smartphone operating system. The market reacted poorly, and the company’s share price took a 14 per cent dive on the day of the announcement.
    [Show full text]
  • Coco Chanel's Comeback Fashions Reflect
    CRITICS SCOFFED BUT WOMEN BOUGHT: COCO CHANEL’S COMEBACK FASHIONS REFLECT THE DESIRES OF THE 1950S AMERICAN WOMAN By Christina George The date was February 5, 1954. The time—l2:00 P.M.1 The place—Paris, France. The event—world renowned fashion designer Gabriel “Coco” Cha- nel’s comeback fashion show. Fashion editors, designers, and journalists from England, America and France waited anxiously to document the event.2 With such high anticipation, tickets to her show were hard to come by. Some mem- bers of the audience even sat on the floor.3 Life magazine reported, “Tickets were ripped off reserved seats, and overwhelmingly important fashion maga- zine editors were sent to sit on the stairs.”4 The first to walk out on the runway was a brunette model wearing “a plain navy suit with a box jacket and white blouse with a little bow tie.”5 This first design, and those that followed, disap- 1 Axel Madsen, Chanel: A Woman of her Own(New York: Henry Holt and Company, 1990), 287. 2 Madsen, Chanel: A Woman of her Own, 287; Edmonde Charles-Roux, Chanel: Her Life, her world-and the women behind the legend she herself created, trans. Nancy Amphoux, (New York: Alfred A. Knopf, Inc., 1975), 365. 3 “Chanel a La Page? ‘But No!’” Los Angeles Times, February 6, 1954. 4 “What Chanel Storm is About: She Takes a Chance on a Comeback,” Life, March 1, 1954, 49. 5 “Chanel a La Page? ‘But No!’” 79 the forum pointed onlookers. The next day, newspapers called her fashions outdated.
    [Show full text]
  • Feature Extraction for Image Selection Using Machine Learning
    Master of Science Thesis in Electrical Engineering Department of Electrical Engineering, Linköping University, 2017 Feature extraction for image selection using machine learning Matilda Lorentzon Master of Science Thesis in Electrical Engineering Feature extraction for image selection using machine learning Matilda Lorentzon LiTH-ISY-EX--17/5097--SE Supervisor: Marcus Wallenberg ISY, Linköping University Tina Erlandsson Saab Aeronautics Examiner: Lasse Alfredsson ISY, Linköping University Computer Vision Laboratory Department of Electrical Engineering Linköping University SE-581 83 Linköping, Sweden Copyright © 2017 Matilda Lorentzon Abstract During flights with manned or unmanned aircraft, continuous recording can result in a very high number of images to analyze and evaluate. To simplify image analysis and to minimize data link usage, appropriate images should be suggested for transfer and further analysis. This thesis investigates features used for selection of images worthy of further analysis using machine learning. The selection is done based on the criteria of having good quality, salient content and being unique compared to the other selected images. The investigation is approached by implementing two binary classifications, one regard- ing content and one regarding quality. The classifications are made using support vector machines. For each of the classifications three feature extraction methods are performed and the results are compared against each other. The feature extraction methods used are histograms of oriented gradients, features from the discrete cosine transform domain and features extracted from a pre-trained convolutional neural network. The images classified as both good and salient are then clustered based on similarity measures retrieved using color coherence vectors. One image from each cluster is retrieved and those are the result- ing images from the image selection.
    [Show full text]
  • Representations of the Olfactory Concept in Advertising: a Case Study
    Argumentum. Journal of the Seminar of Discursive Logic, Argumentation Theory and Rhetoric 16 (1): 80-93, 2018 Brînduşa-Mariana AMALANCEI “Vasile Alecsandri” University of Bacău (Romania) Representations of the Olfactory Concept in Advertising: A Case Study Abstract: The analysis of a perfume advertising image can be done from multiple perspectives, the endeavors to provide possible reading paths and interpretations being among the most diverse in the literature. Whether it is to meet the consumers’ psychological desires, to relate to fashion trends, or to create a rare scent, perfume advertising is a real challenge, which often needs to be answered just by juxtaposing an image and the product name. Our paper highlights the way in which the correlation between the visual and olfactory forms of perfumes is attempted, through product name, vial, characters, context and text (Julien 1997). Because in many advertisements the perfume is replacing the character, we chose as a case study an advertising image that we consider illustrating in this respect, that of the new olfactory creation of Chanel, Gabrielle, which appeared in September 2017. We have to mention that the launch of this product has been marked by the appearance of homage articles in glossy magazines, which contributes, through the information provided, to a better understanding of the message the advertisement transmits. Keywords: image, visual identity, olfactory concept, olfactory memory, brand name, perfume name, perfume bottle, advertising context 1. Fragrances ‒ Vectors of Communication Considered a privileged way of communication, perfumes are an identity mark (Vettraino-Soulard 1992, 106). We can often hear in advertisements about perfumes for strong women, perfumes that suit active women, perfumes for romantic women, etc.
    [Show full text]
  • NUVEEN INVESTMENT TRUST II Form N-PX Filed 2021-08-23
    SECURITIES AND EXCHANGE COMMISSION FORM N-PX Annual report of proxy voting record of registered management investment companies filed on Form N-PX Filing Date: 2021-08-23 | Period of Report: 2021-06-30 SEC Accession No. 0001193125-21-253308 (HTML Version on secdatabase.com) FILER NUVEEN INVESTMENT TRUST II Mailing Address Business Address C/O NUVEEN INVESTMENTS C/O NUVEEN INVESTMENTS CIK:1041673| IRS No.: 000000000 | Fiscal Year End: 0731 333 W WACKER DR 32ND FL 333 W WACKER DR 32ND FL Type: N-PX | Act: 40 | File No.: 811-08333 | Film No.: 211195314 CHICAGO IL 60606 CHICAGO IL 60606 312-917-8146 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08333 Nuveen Investment Trust II (Exact name of registrant as specified in charter) 333 West Wacker Drive, Chicago, Illinois 60606 (Address of principal executive offices) (Zip Code) Christopher E. Stickrod Chief Administrative Officer (Name and address of agent for service) Registrants telephone number, including area code: 312-917-7700 Date of fiscal year-end: July 31 Date of reporting period: June 30, 2021 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 1. Proxy Voting Record Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FORM N-PX ICA File Number: 811-08333 Registrant Name: Nuveen Investment Trust II Reporting Period: 07/01/2020 - 06/30/2021 Nuveen Emerging Markets Equity Fund AAC TECHNOLOGIES HOLDINGS, INC.
    [Show full text]